Shaquille Leonard Contract: What NFL Team Would Pay After Colts Release

The Indianapolis Colts on Tuesday announced they waived three-time All-Pro linebacker Shaquille Leonard.

Leonard, who started nine games for the Colts this season, now will head to the waiver wire where an interested suitor can put in a claim.

According to multiple reports, an NFL team would owe Leonard $6.1 million for the remainder of the 2023 campaign. He is under contract through 2026 but does not have any guaranteed money as of now, per NFL Network’s Mike Garafolo. He does have $6.5 million in injury guarantees for 2024.

If a team were to claim Shaq Leonard off of waivers, it would owe him $6.11M for the remainder of this season.

He's under contract through 2026, due as follows:
2024: ~$16.1M
2025: ~$19M
2026: ~$19.6M

— Field Yates (@FieldYates) November 21, 2023

Shaq Leonard would cost a team a little north of $6 million in base salary if he’s claimed off waivers from the #Colts. He has no fully guaranteed money on the books for 2024 as of now. ($6.5 million in injury guarantees) https://t.co/RHH95cIPAa

— Mike Garafolo (@MikeGarafolo) November 21, 2023

Sports Illustrated’s Albert Breer does not believe a team will sign Leonard off waivers given he’s owed approximately $1 million per game this season.

The Colts owe Shaq Leonard $6.11 million for the rest of the year—Almost $1 million per week. No chance someone claims that contract. So he clears, then someone can pick him up at the minimum, with Indy picking up rest of the tab.

Allows Leonard to make a pure football decision.

— Albert Breer (@AlbertBreer) November 21, 2023

Leonard was a second-round pick by the Colts in 2018. He was a First Team All-Pro his rookie season and earned the same recognition in both 2020 and 2021. A three-time Pro Bowler, Leonard was limited to three games last season due to a back injury.

Leonard has taken a step back in his return season, as he’s yet to record a sack with two tackles for loss in nine contests.

The Colts will move forward without Leonard and host the Tampa Bay Buccaneers as a slight favorite in Week 12.